Name: _________________________________ Date: ______________________ Block: ___________

Everfi Module 3: Payment TypesVideo #1: Payment TypesWhat used to be the only way you could pay for something? ___________________Describe the different types of payment options described in the video:

Credit vs Debit Explain the difference between credit and debit about the following topics:

a. Repayment:

b. Interest:

c. Credit History:

d. Fraud:

e. Budgeting:

Video #2: Other Payment Types What are some benefits of electronic payments?

What’s the difference between direct debt and direct deposit?

What are cash advances?

What are payday loans?

Why are payday loans the most expensive type of loan to borrow?

Credit Card TermsDefine the following credit card terms:

Terms Definitionsa. APRb. Feesc. Rewardd. Finance Charges and Late Feese. Credit Limitf. Balance Transfer

Post Test Grade:

_________

Video #3: Paying More than the Minimum Why is it important to always pay your credit card bill in full and on time?

a. If you buy a $450 game system, how much will it cost if you pay in full? _______b. How much time would it take to pay off if you were only paying the minimum? _______ How much would you

pay in interest? ________ c. How much would you pay in late fees if you missed two (2) payments and only paid the minimum? _______

How much time would it take to pay off? _______ How much interest would you be charged? ________ How much in total would the game system cost? _______

How much does the average minimum payment equal to your debt? ___________

Understanding a Credit Card Bill 1. What is your credit limit? __________________________2. How much of your credit is still available to use? __________________________3. What dates are these charges from? __________________________4. What is the total amount you owe the credit card company this month? __________________________ 5. What did you owe the credit card company last month? __________________________6. When is your payment due? __________________________7. What is your minimum payment this month? __________________________8. If you miss a payment, how much will you be charged in late fees? __________________________9. If you miss a payment, what will you new APR be? __________________________10. If you pay only the minimum, how long will it take you to pay off your current balance? ____________________

Video #4: How to Manage Existing Debt What do you do if you find yourself in debt?

1. _________________________________________________________________________________________2. _________________________________________________________________________________________3. _________________________________________________________________________________________4. _________________________________________________________________________________________

How can you avoid debt?